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Coinmine as a gateway to mining?

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So in looking over the latest news articles I saw one (linked below) that Coinmine offers a "turnkey" miner for $799 that now "mines" Bitcoin.  Of course, that isn't totally correct in that it mines other coins and just converts them to Bitcoin, but we'll set that aside for now.

When I first got into Bitcoin I goofed around with Bitminter a mining pool that had a built in miner.  I never got much out of it money wise but I felt like I was doing something with the crypto community.  I'm wondering if this Coinmine device might be a way to get back into mining as a hobbyist.

It's pretty clear it is a losing proposition financially.  At $799 each the device is expected to generate $15 to 20 USD per month.  That's a pretty long payback time, especially if difficulty increases and so you get less and less as time goes on.  They also don't come out and say it, but it's pretty clear that they are expecting you to steal the electricity to run it as they keep talking about using it in your dorm room, at your office, or in your mom's basement.

Anyway, if you've played around with mining I'd like to hear what you used and how it went.  If you are currently mining, I'd really like to hear how it is going.

Link to story about Coinmine device:  https://www.coindesk.com/coinmine-the-entry-level-crypto-mining-rig-gets-bitcoin-support

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I believe it's an interesting piece you got there, but more of a hobbyist device for those who want to try out for themselves what the hype is all about.

As you've said it will not be profitable in any way for a long long time, so I don't really know what their customer base will be like, but I don't believe it'll get much attention (I might be wrong of course)

Thank you for posting this and helping me understand a little bit more of what is going on in the crypto world :)

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I and  two of my friend invested in a small mining grid in early 2016. At that time we made enough profit after paying off all expenses. We were mining Ethereum at that time as it was much easier. Come 2017 December when the price of Ethereum went to the moon, we sold most of it and stopped mining. Now we are only investing into IEO's and HODLing.

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Yeah, I 100% agree with you. It is just not worth it. I always wondered to myself why companies want you to buy equipment and then use it in their warehouse to mine. Surely if it was that profitable they would be doing it themselves.

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Posted (edited)

Well the company seems knowing what they are dealing with for the time being.

It does seems interesting and if i would mine with someone / something i would go with them and it provides such great features that makes your feel like it's a big company and professional.

The price seems reasonable as well so i would indeed take a shot.

Edited by DreamStage

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I used to mine like 9 months ago my friend had set it up and we both mined together and shared the profits but i just gave up on it since i feel there is better earning methods than mining and its better. 

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That's usually the drawbacks in mining cause you get negatives if you add the electricity bill to the equation. Haha

Countries like china are the ones that can make a good profit from this as you might have heard already. That's due to their very low electricity charges.Also, if you have solar panels, you can maybe have a revenue in the long run, but then again, the investments you [ut into it becomes bigger and bigger which means more time needed to breakeven.

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On 6/22/2019 at 10:51 PM, cointikka said:

I and  two of my friend invested in a small mining grid in early 2016. At that time we made enough profit after paying off all expenses. We were mining Ethereum at that time as it was much easier. Come 2017 December when the price of Ethereum went to the moon, we sold most of it and stopped mining. Now we are only investing into IEO's and HODLing.

Thanks for answering my question!  I remember that early on ETH mining was insanely profitable, at least compared to Bitcoin.

What did you do with your mining equipment?

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I have some mining equipment running within a friends farm in Iceland. for us it still is seemly profitable cause my friend has acces to very cheap energy. Near his town there is a hydrolic power plant but for almost 3 years it only has been working at a 25% capacity. After negotiating with the company my friend and his company closed a deal that they could rent 50% of the power that the plant can produce. Within that deal he also got a huge warehouse attached to the power plant to set up his farm direct to the plant.

As some kind of goodwill my friend and his company created a pipeline construction and is providing hot water to 3 villages nearby, water that is heated by the heat the miners are producing. 

So it is a win win sutation for both parties. 

As for the thing you are suggestion. In my opinion it just isn't worthwile to spent 800$ on a device that produces between 15 and 20$ return monthly. If you really want to try it out you just need to reset your mindset and consider it as some fun. Maybe if you get lucky crypto values will insanely boom to the sky within next years which will make you small amount of mined crypto more valuable

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On 6/22/2019 at 9:55 PM, wry said:

it's pretty clear that they are expecting you to steal the electricity to run it as they keep talking about using it in your dorm room, at your office, or in your mom's basement.

Anyway, if you've played around with mining I'd like to hear what you used and how it went.  If you are currently mining, I'd really like to hear how it is going.

Link to story about Coinmine device:  https://www.coindesk.com/coinmine-the-entry-level-crypto-mining-rig-gets-bitcoin-support

haha xD well. . if you  hit a big payout, and you're not sure what to buy -- maybe this is for you. :P i've never really gotten into the mining game, had i had foresight 9 years ago, i would have.. regardless - this has peaked my interest again, and has me thinking about [cheaper] alternatives (...I don't think they exist :( ) - although technically I am stealing electricity right now. heh

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Interesting product they're selling for sure. I don't know if I'd buy one ever seeing as it's FAR too late to make any REAL money with crypto mining. You can't generate a reasonable ROI anymore because crypto is popular enough to the point where it's not profitable at all for small miners. Even with my rig (10x 1080Ti + 4x V100 32GB) that I built a couple years back, if I were to build that same thing now? I'd NEVER get my investment back. Ever. 

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